BB&T will usually not waive the deficiencies in a short sale if they own the loan (if they are servicing the loan then there is a chance that the deficiencies will be forgiven). Like most smaller or regional banks and credit unions, they simply cannot afford to forgive all of the deficiency in a short…

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As we have discussed before there are new players coming into the loan servicing business. Additionally, because of new rules and guidelines for banks, some are getting out of the loan servicing business. When one bank/servicer sells its loan servicing rights to another servicer the loan is “service released” to the new servicer. When negotiating…

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I first ran into NationStar a couple of months ago when all of our Aurora loans were serviced- released to NationStar. That is a fancy way of saying that the files were sent to another servicer and we now have to start over with them. Well, not only did we have to start over but…

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In a short sale it is always a good idea to close as quickly as possible. Just because you have an approval letter with a green light to close by a certain date does not mean that things won’t change. The bank will usually honor the terms of the approval as long as it closes…

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Let’s Take a Ride

Sometimes a reminder is needed about an unfortunate fact that we all have to live with: The bank drives the bus, not us……not the seller, buyer, agent or attorney. We are asking the bank/investor to take a loss on this loan and for that they get the keys. Our job is to keep everything moving…

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I have already written about the buyer getting the home inspection done earlier instead of later. The absolute best way to handle the home inspection for a short sale, however, is for the Seller to get a pre-inspection before putting it on the market…or at least before there is an offer. If the Seller does…

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The simple answer is…more than meets the eye.  Let’s backtrack a bit.  In February the Big 5 banks: Bank of America, JPMorgan Chase, Citibank, Wells Fargo and Ally Financial (formerly known as GMAC) got a slap on the wrist and a $25 Billion dip in their rather deep pockets for their part in the Robo-signing…

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Ok, maybe short sales won’t save the planet (does that mean that I don’t really need to finish designing my superhero outfit for Captain Short Sale, or maybe The Mighty Short Sale Warrior?  I was kind of digging the yellow cape). Anyway, short sales may not stop a speeding train or fix our banking system…

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Oh Those Pesky 2nd’s

10% of the amount owed:   As we all know the land of short sales is anything but settled.  Even after three years of doing this full time there always seems to be something new coming or going…like unsecured promissory notes or confession of judgments.  Over the summer all of the investors and servicers for…

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Multiple Short Sale Offers

NORTH CAROLINA SHORT SALE ADDENDUM. The North Carolina Short Sale Addendum to the Offer to Purchase and Contract states: “Buyer and Seller understand that additional offers may be received by the Seller’s Agent, which must be presented to the Seller pursuant to North Carolina law. Such offers may be accepted by the Seller as backup…

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